OECD lowers Slovakia's 2013 GDP growth outlook to 2%.

By bne IntelliNews November 28, 2012
The Organisation for Economic Cooperation and Development (OECD) lowered its 2013 economic growth forecast for Slovakia to 2% in its latest Economic Outlook report from 3% expected in May. The Slovak GDP growth outlook for 2012 was maintained at 2.6%. The OECD pointed out that Slovakias GDP growth, which has been driven mainly by exports in the automotive sector this year, has slowed in the second half, but remained among the strongest in the OECD area. The OECD forecast Slovakias economy to rebound to a 3.4% growth in 2014 on the back of stronger world trade. Private consumption, however, is expected to remain subdued due to the weak labour market and significant fiscal consolidation. Reaching the budget deficit target of 3% of GDP by 2013 would be a welcome step towards the long-term sustainability of public finances and will require a strong consolidation effort, the OECD said. Spending restraint should avoid affecting growth enhancing items like education and active labour market policies, it added.
2012 2013 2014
GDP growth 2.6% 2.0% 3.4%
Private consumption growth -0.1% 0.8% 1.4%
Government consumption growth -0.6% 0.2% 0.7%
Gross fixed capital formation growth 0.5% 0.6% 2.5%
Exports growth 8.8% 4.7% 6.7%
Imports growth 6.3% 3.7% 4.9%
EU-norm inflation rate 3.7% 2.5% 2.4%
Unemployment rate 13.7% 13.6% 13.0%
General govt deficit % of GDP -4.6% -2.9% -2.4%
General govt gross debt % of GDP 57.0% 59.7% 60.9%
General govt debt, Maastricht definition % of GDP 52.2% 54.9% 56.2%
Current account balance % of GDP 1.7% 1.8% 3.1%
Source: OECD

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